Gotta say there's a couple of things I really disagree with here:
1) "Also to Nikon’s credit is the complete departure, in designing the controls layout of this new system" - sorry but I'm the exact opposite. While Nikon should design the controls to be as good as possible considering the restrictions of the camera body they've effectively ensured any existing customer has to learn everything all over again. Particularly annoying for anyone who owns a Nikon DSLR and wants to use a V1 as a more portable second camera (there's an F mount adaptor now after all) as they have to totally change their mindset when using the V1.
2) The lack of PASM modes on the dial strikes me as a major black mark as well. It's not as if there isn't room there for it and let's not forget this camera is easily playing in the same price territory as DSLR's. Surely a decent chunk of users are going to get curious about what they can do if they get creative and not having those options to hand can only discourage them.
That being said I do think that, price aside, Nikon have come up with something good here. Interesting design choices, properly good performance and seemingly a good halfway house between compact cameras and DSLR's. It's going to be interesting to see how this system does and, for that matter, what the second gen of units will look like.